BILL NUMBER: SB 376 AMENDED
BILL TEXT
AMENDED IN SENATE APRIL 7, 2011
INTRODUCED BY Senator Fuller
( Coauthor: Senator Correa
)
FEBRUARY 15, 2011
An act to amend Section 10131 , and to add Section 10131.8
to, of the Business and Professions Code, relating to real
estate brokers.
LEGISLATIVE COUNSEL'S DIGEST
SB 376, as amended, Fuller. Real estate brokers.
Existing law provides for the licensure and regulation of real
estate brokers and defines "real estate broker" for its purposes to
include a person who, among other things, (1) solicits borrowers or
lenders for, or negotiates loans, collects payment, or performs
services for, borrowers, lenders, or note owners in connection with
loans secured directly or collaterally by liens on real property or
on a business opportunity, or (2) sells or offers to sell, buys or
offers to buy, or exchanges or offers to exchange a real property
sales contract, or a promissory note secured directly or collaterally
by a lien on real property or a business opportunity.
This bill would revise the definition of "real estate broker" to
include a person who performs those actions in connection with a
chattel mobilehome loan, as specified. The bill would also
provide that a licensed real estate broker who performs
specified actions, and who makes, arranges, or services chattel
mobile home loans, as specified, need only meet the licensure
requirements of specified provisions of law.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 10131 of the Business and Professions Code is
amended to read:
10131. A real estate broker within the meaning of this part is a
person who, for a compensation or in expectation of a compensation,
regardless of the form or time of payment, does or negotiates to do
one or more of the following acts for another or others:
(a) Sells or offers to sell, buys or offers to buy, solicits
prospective sellers or purchasers of, solicits or obtains listings
of, or negotiates the purchase, sale or exchange of real property or
a business opportunity.
(b) Leases or rents or offers to lease or rent, or places for
rent, or solicits listings of places for rent, or solicits for
prospective tenants, or negotiates the sale, purchase or exchanges of
leases on real property, or on a business opportunity, or collects
rents from real property, or improvements thereon, or from business
opportunities.
(c) Assists or offers to assist in filing an application for the
purchase or lease of, or in locating or entering upon, lands owned by
the state or federal government.
(d) Solicits borrowers or lenders for or negotiates loans or
collects payments or performs services for borrowers or lenders or
note owners in connection with loans secured directly or collaterally
by liens on real property, or chattel mobilehome loans if the
mobilehome has been registered under Part 2 (commencing with Section
18000) of Division 13 of the Health and Safety Code, or on a business
opportunity.
(e) Sells or offers to sell, buys or offers to buy, or exchanges
or offers to exchange a real property sales contract, or a promissory
note secured directly or collaterally by a lien on real property, or
a chattel mobilehome loan secured by a mobilehome that has been
registered under Part 2 (commencing with Section 18000) of Division
13 of the Health and Safety Code, or on a business opportunity, and
performs services for the holders thereof.
SEC. 2. Section 10131.8 is added to the
Business and Professions Code , to read:
10131.8. A person licensed as a real estate broker who acts
pursuant to Section 10131.1, or subdivision (d) or (e) of Section
10131, and who makes, arranges, or services chattel mobilehome loans,
if the mobilehome has been registered under Part 2 (commencing with
Section 18000) of Division 13 of the Health and Safety Code, need
only meet the requirements for licensure under this part.